Pork prices are fluctuating wildly, leaving consumers in distress.

Việt Nam•12/07/2024

Pork prices have increased by 20-30% compared to the beginning of the year. This is a highly关注ed item because it is a familiar food, therefore the price increase strongly affects people's lives.

At supermarkets, despite implementing price stabilization measures, prices are still being pushed up due to supply shortages.

Pork prices are constantly fluctuating.

Regularly buying pork for daily meals, Mrs. Nguyen Minh Hoa (Cau Giay, Hanoi ) has been feeling overwhelmed by the ever-increasing price of pork in recent days. She wearily said, "Just a short while ago, the price of good quality pork like ribs and belly was only 110,000-115,000 VND/kg, but now it has risen to 140,000 VND, and sometimes even 160,000-180,000 VND/kg. My family mainly uses pork for daily meals, and with this price increase, I don't know how we'll manage to make ends meet."

Hoang Minh Huyen (a third-year student at Hanoi Pedagogical University) also said she felt "dizzy" when going to the market these days, noting that the prices of goods are increasing every day, with pork prices fluctuating the most.

“Previously, we used to buy pork belly, ribs, and trotters… but these past few days they’ve been so expensive, up to 140,000 VND/kg, so we have to choose cheaper cuts like the hindquarters and head… But even those are now 120,000-130,000 VND/kg. I don’t know if the salary increase is causing the price of pork, but for us students, this price increase is really difficult,” Huyen shared.

Pork prices are already high at the market, but they're even higher at supermarkets. Browsing through the prices, she was shocked to see how expensive everything was. Ms. Nguyen Minh Hoa shared that at the supermarket, boneless pork belly costs 280,000 VND/kg, pork ribs up to 300,000 VND/kg, and minced pork is also 150,000 VND/kg… Previously, when she was busy, she could buy meat at the supermarket near her house for convenience, but now, she has to go to the market to save money.

Pork is one of the food items that has seen a significant price increase in recent days. According to observations at traditional markets, the price of pork belly ranges from 140,000-160,000 VND/kg, pork ribs from 150,000-180,000 VND/kg, and pork shoulder, leg, and trotters are priced at 130,000-140,000 VND/kg... Compared to the beginning of this year, prices have increased by 20-30%.

On the website of Vissan - a major pork distributor in Vietnam - the prices listed are: skinless pork belly (VietGAP certified) at 210,000 VND/kg, boneless pork belly at 280,000 VND/kg, baby ribs at 300,000 VND/kg, ribs at 200,000 VND/kg, pork leg at 165,000 VND/kg, minced pork at 150,000 VND/kg...

Regarding the current pork price situation, experts believe that, in addition to the "following the trend" mentality when wages increase, the high price of pork is also due to limited supply. Mr. Nguyen Tri Cong, Chairman of the Dong Nai Livestock Association, reported that preliminary surveys of small-scale farmers and large enterprises show that the nationwide pig herd has decreased by 30-40%, and in some areas by up to 70%.

Last year, live pig prices plummeted and remained very low, causing heavy losses for farmers for an extended period. This time, African swine fever With the outbreak recurring in many localities, livestock farmers are hesitant to restock their herds. This is why the supply to the market has decreased significantly, pushing up pork prices despite the market being in its lowest consumption season of the year.

In supermarkets, pork prices are higher than in the open market due to the use of traceable sources and strict food safety and hygiene standards. However, according to a representative of the MM Mega Market supermarket chain, prices have now increased by more than 20% because the price of live pigs has risen by 27% since last month.

Regarding imports, due to limited domestic supply, pork imports are increasing again. According to the General Department of Customs, in May 2024, Vietnam imported 76.12 thousand tons of meat and meat products, worth US$139.96 million, an increase of 32.1% in volume and 28.6% in value compared to May 2023. This marks the fifth consecutive month that the volume of imported meat and meat products has increased compared to the same period in 2023.

In the first five months of 2024, Vietnam imported 304.85 thousand tons of meat and meat products, worth 596.93 million USD, an increase of 29% in volume and 25.2% in value compared to the same period in 2023.

However, consumers Generally, imported frozen pork is not favored for daily meals; it is more commonly used in restaurants and communal kitchens.

Will pork prices only fall next year?

The Ministry of Agriculture and Rural Development forecasts that the supply of pigs will increase again in the near future. However, due to the ongoing complexity of the disease situation, live pig prices may remain high and only begin to fall again in 2025.

According to experts, live pig prices may remain at current levels until the end of 2024 because small-scale farmers have only recently begun restocking after the 2023 African swine fever outbreak, and new supply will not enter the market until at least December. This will directly affect the price of pork sold on the market. In addition, the tendency to "follow the trend" will also influence pork prices in the coming period, especially with the recent wage increase.

Moreover, currently, because students are on summer vacation, school cafeterias have reduced their demand for pork. In a while, when students return to school, demand will increase, and prices will go even higher.

Pork currently dominates the daily food consumption basket of Vietnamese people.

According to statistics from the Ministry of Agriculture and Rural Development, pork accounts for 65-70% of the diet of Vietnamese families, while poultry accounts for only 15-20%, with beef and seafood making up the remainder. Therefore, the fluctuating price of pork is directly impacting the meals of millions of Vietnamese families.

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